Voluntary Retirement Plans

The 403(b) and 457(b) plans allow employees to contribute additional funds for retirement savings on a pre-tax and post-tax basis. Contributions are made by employees only; no contributions are made by the university to these plans. The minimum contribution is $7.50 per paycheck. The maximum contribution varies by employee and annual IRS limitations.

Eligibility & Enrollment

All employees, including graduate assistants and student employees, are eligible. Employees must create a NMSU account with the applicable vendor before submitting a Salary Reduction form. Benefits are effective first of the pay period following the receipt of the Salary Reduction form unless a future date is requested.  

**NMSU has teamed up with ECMC-Project Success to enhance personal financial literacy knowledge of Aggies through an online financial education platform. The new platform replaces Financial Avenue which was phased out at the end of the Fall 2020 semester. The ECMC-Project Success platform offers engaging resources that Aggies can use such as course modules, engaging videos, a library of brief and in-depth articles touching on over 300 financial literacy topics and interactive financial tools. The platform is designed for students regardless of major or year at NMSU. The ECMC-Project Success platform is open to all students, faculty and staff to use. The primary topics covered include budgeting, financial basics, saving and investing, scholarships and financial aid, career development, identify theft and managing credit or debt. To create an account, please visit https://ssc.nmsu.edu/programs/ecmc-project-success.html For additional information contact the Student Success Center at 646-3136.

403(b) Tax Sheltered Annuity Plan

457(b) Retirement Savings Plan

Plan Documents:

2024 Maximum Contributions:

  • 457(b) – $23,000
  • Age 50 Catch Up – $7,500 (Employees age 50 or older or reaching age 50 during 2024 are eligible to contribute the additional catch up amount)

2025 Maximum Contributions:

  • 457(b) – $23,500
  • Age 50 Catch Up – $7,500 (Employees age 50 or older or reaching age 50 during 2025 are eligible to contribute the additional catch up amount). For individuals who attain age 60, 61, 62, or 63 in 2025 the amount is $11,250

Withdraw Options:

  • Attainment of age 59 1/2
  • Termination of employment
  • Disability

An additional federal tax penalty may apply if you receive a distribution prior to age 59 1/2.

Plan Documents:

2024 Maximum Contributions:

  • 457(b) – $23,000
  • Age 50 Catch Up – $7,500 (Employees age 50 or older or reaching age 50 during 2024 are eligible to contribute the additional catch up amount)

2025 Maximum Contributions:

  • 457(b) – $23,500
  • Age 50 Catch Up – $7,500 (Employees age 50 or older or reaching age 50 during 2025 are eligible to contribute the additional catch up amount). For individuals who attain age 60, 61, 62, or 63 in 2025 the amount is $11,250

Withdraw Options:

  • Attainment of age 70 1/2
  • Termination of employment
  • Disability
  • Unforeseen emergency withdrawals (as defined by the plan document)
  • No contributions within the past two years and account is greater than $5,000

No additional federal tax penalty for distributions prior to age 59 1/2.

To request a distribution or withdrawal of your 403b or 457 contributions, contact the vendor for the appropriate forms. Send completed forms to NMSU Benefit Services for signature. Please note, NMSU requires notarized spousal consent on all distributions/withdrawals.

Vendor Options

Vendor Options
Approved Vendors Group # for 403(b) Group # for 457(b) Group # for ARP 401(a) Resources
Ameriprise Financial 15253601 1 001 n/a n/a
American General Life G0001098 G0001098 n/a
ASPire Financial Services 6070 n/a n/a
AXA Equitable Life 709408 n/a n/a
Commonwealth Annuity C0787 n/a n/a
Fidelity 51678 n/a 95405
Horace Mann 10091901201 n/a n/a
TIAA 101240 101241 (Roth also available) 101295
VALIC 25006002 25006003 2500601 (no new enrollments) Retirement Plan at Work | Retirement Income Strategies
Voya Financial A112, VT3215 VFE482 n/a Get Back on Track presented by Voya
Waddell and Reed 10898377 n/a n/a

 

NMSU Policy Reference: ARP 8.16 – Tax Sheltered Annuities